STI gains 0.46% amid mixed regional showing, Omicron uncertainty

SINGAPORE shares rose on Monday (Dec 6) despite lingering uncertainty over the impact of the Omicron coronavirus variant on the global economy.

The Straits Times Index *STI : *STI 0% ended the day up 0.46 per cent or 14.39 points to 3,116.32.

The Monetary Authority of Singapore said in its annual Financial Stability Review that the pandemic continues to be a source of considerable uncertainty as mutated virus strains threatens to derail progress.

As of now, however, the lack of information on the severity of the Omicron variant is providing some respite for investors.

Said IG market strategist Yeap Jun Rong: "The absence of any Omicron headlines thus far pertaining to it being more severe may lead reopening plays to hold up better, although greater clarity on its vaccine-resistance still awaits."

With some reports suggesting that Omicron symptoms were milder than previous coronavirus strains, it had "encouraged Asian buy-the-dippers back into the market", albeit unevenly, according to Jeffrey Halley, senior market analyst at Oanda.

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Alongside gains in Singapore, South Korea's Kospi rose 0.17 per cent and the Jakarta Composite Index gained 0.13 per cent.

Hong Kong markets, on the other hand, endured a torrid session with the Hang Seng Index slipping 1.76 per cent as tech shares fell.

Japan's Nikkei 225 was down 0.36 per cent and the Malaysia Composite Index dipped 1.22 per cent.

Across the Singapore market, decliners outpaced advancers 268 to 199 after some 1.39 billion securities worth S$1.15 billion changed hands.

Genting Singapore G13 : G13 0% was the best-performing among the STI constituents, gaining 2 per cent or S$0.015 to S$0.775.

At the bottom of the table was Jardine Matheson Holdings J36 : J36 0% , shedding 1.9 per cent or US$1.10 to US$55.62.

CapitaLand Integrated Commercial Trust C38U : C38U 0% was the most heavily traded by volume on the blue-chip index with some 30.9 million shares changing hands. Its shares fell 0.5 per cent or S$0.01 to S$2.05.